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Apartment buyers remain cautious but there are a few bright spots at Auckland auctions

Property
Apartment buyers remain cautious but there are a few bright spots at Auckland auctions

Buyers remained cautious at this week's main Auckland apartment auctions, although there were a few bright spots and realistically priced apartments continue to sell under the hammer.

At City Sales apartment auction this week, four apartments were offered and only one, a studio in the Connaught building on Waterloo Quadrant, sold under the hammer.

The three others, which ranged in size from 41-62 square metres and could have appealed to owner-occupiers or investors, were all passed in for sale by negotiation.

At Barfoot & Thompson's regular apartment auction the liveliest bidding was for a commercial property in Grey Lynn, which was offered ahead of the apartments.

It attracted some determined bidding from several potential buyers and was sold under the hammer.

Of the four apartments on offer, two sold under the hammer and two were passed in.

At Ray White City Apartments, eight apartments were offered with three selling under the hammer and the remaining five being passed in for sale by negotiation.

Bidding was particularly competitive on a three bedroom apartment with several bidders trying to outdo each other until it was whittled down to just two who were increasing their bids in $100 increments before it was sold under the hammer for $583,900.

Of the five apartments that were passed in, three attracted no bids and there was only a single bidder on each of the other two.

Auctioneer Ted Ingram told the room that he conducted several auctions each week and had noticed a gap opening up between what buyers were prepared to pay and bidders were prepared to accept.

The full results of all three auctions, with details of the properties that didn't sell and the prices achieved on those that did, are available on our Auctions/Sales Results page

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1 Comments

People are likely being very selective also, ie not wanting older apartments when there are so many better and newer ones available on the market

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